Evidence of Non-Markovian Behavior in the Process of Bank Rating Migrations

This paper estimates transition matrices for the ratings on financial institutions, using an unusually informative data set. We show that the process of rating migration exhibits significant non-Markovian behavior, in the sense that the transition intensiFinancial institutions, macroeconomic variables, capitalization, supervision, transition intensities

Quaternary glacial evolution in the Central Cantabrian Mountains (Northern Spain)

Peer reviewedPostprin

A simple test of momentum in foreign exchange markets

This study proposes a new method for testing for the presence of momentum in nominal exchange rates, using a probabilistic approach. We illustrate our methodology estimating a binary response model using information on local currency / US dollar exchange rates of eight emerging economies. After controlling for important variables a§ecting the behavior of exchange rates in the short-run, we show evidence of exchange rate inertia; in other words, we Önd that exchange rate momentum is a common feature in this group of emerging economies, and thus foreign exchange traders participating in these markets are able to make excess returns by following technical analysis strategies. We Önd that the presence of momentum is asymmetric, being stronger in moments of currency depreciation than of appreciation. This behavior may be associated with central bank intervention.Momentum, foreign exchange markets, hazard duration analysis, emerging economies.

Anquilosis de la articulación coxofemoral y alteraciones biomecánicas en un individuo medieval de la necrópolis de la catedral de Sigüenza (Guadalajara)

X Congreso Nacional de Paleopatología. Univesidad Autónoma de Madrid, septiembre de 200

Tunable entanglement distillation of spatially correlated down-converted photons

We report on a new technique for entanglement distillation of the bipartite continuous variable state of spatially correlated photons generated in the spontaneous parametric down-conversion process (SPDC), where tunable non-Gaussian operations are implemented and the post-processed entanglement is certified in real-time using a single-photon sensitive electron multiplying CCD (EMCCD) camera. The local operations are performed using non-Gaussian filters modulated into a programmable spatial light modulator and, by using the EMCCD camera for actively recording the probability distributions of the twin-photons, one has fine control of the Schmidt number of the distilled state. We show that even simple non-Gaussian filters can be finely tuned to a ~67% net gain of the initial entanglement generated in the SPDC process.Comment: 12 pages, 6 figure

En torno al tema de la calidad en educación. Realidad y leyes.

El término “calidad” es impreciso, puede utilizarse para fines distintos y hasta opuestos. Una buena educación depende de sus precedentes en cada caso, también del conocimiento, interés y compromiso puestos en su consecución. Lo legislado últimamente sobre educación no favorece la generalización del estado de bienestar, porque no garantiza una buena educación

The Cyclical Behavior of Bank Capital Buffers in an Emerging Economy: Size Does Matter

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustments in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important determinants of bank capital buffers in previous studies, and find that bank capital buffers vary over the business cycle. We are able to identify a negative co-movement of capital buffers and the business cycle. However, we also find that capital buffers of small and large banks behave asymmetrically during the business cycle. While the former appear to be constant over time, once the appropriate set of control variables is used, the latter present a countercyclical behavior. Our results suggest the possible need of the implementation of regulatory policy measures in developing countries.Bank capital buffers, Credit risk, Regulation, Colombia. Classification JEL: C26, G2, G28.

The cyclical behavior of bank capital buffers in an emerging economy: size do matters

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustments in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important determinants of bank capital buffers in previous studies, and find that bank capital buffers vary overthe business cycle. We are able to identify a negative co-movement of capital buffers and and the business cycle. However, we also find that capital buffers of small and large banks behave asymmetrically during the business cycle. While the former appear to be constant over time, once the appropriate set of control variables is used, the latter present a countercyclical behavior. Our results suggest the possible need of the implementation of regulatory policy measures in developing countries.Bank capital bu§ers; Credit risk; Regulation; Colombia